Goodman Jones Spring Budget 2024

15 March 2023 l BUDGET Also from April 2024, the maximum amount paid towards childcare costs for one child will rise to £1,014.63 a month, while for two or more children, the maximum payment increases to £1,739.37 a month. From December 2024, the repayment period for new budgeting advance loans taken out by UC claimants will be doubled to 24 months. Local housing allowance (LHA) As previously announced, LHA rates will rise to the 30th percentile of local market rents from April 2024. National living wage (NLW) and national minimum wage (NMW) Significant increases are being made to the NLW and NMW, and the NLW minimum age is lowered to 21 from April 2024. Rate Age £ per hour from 1/4/24 Increase over 2023/24 NLW 21 and above £11.44 9.8%* NMW 18–20 £8.60 14.8% 16–17 £6.40 21.2% Apprentice rate All £6.40 21.2% *12.4% increase against the 2023/24 NMW for 21–22-year-olds Childcare future funding The government has confirmed that the hourly rate for childcare providers who are paid to deliver the free hours offers for children aged nine months to four years will increase in line with the basis used in Spring Budget 2023 for the next two years. This represents an estimated additional £500 million of funding over two years. BUSINESS TAXES Corporation tax rates The main rate of corporation tax will remain at 25% and the small profits rate will stay at 19% for the financial year starting 1 April 2025. 11 6 4